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The new entity has an initial financial strength rating of A- from AM Best with a stable outlook.
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The company is betting that its investment in attracting millennial policyholders will scale over time.
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The policies in question represent 18% of California’s homeowners market.
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Claims from events including Hurricane Laura and West Coast wildfires more than doubled total cat losses from a year earlier. -
The personal lines giant's growth is in focus as the market looks for progress on its embrace of the direct channel.
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The product is now also available in South Carolina, North Carolina and Virginia.
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The carrier’s $990mn catastrophe loss in Q3 is net of $495mn in subrogation from a settlement with PG&E.
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The company reported diluted earnings per share of $1.23, comfortably beating an analyst consensus of $1.06 per share.
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Observable real-time data for October show an estimated decline in auto accidents of 7%. This compares to initially hit months of March and April at 32% and 51% respectively.
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Core earnings per share of $0.82 surpassed analysts’ consensus estimate of $0.68 per share.
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Despite the decline in profits, the carrier’s underlying combined ratio in the specialty segment improved by 5.9 points to 85.9%.
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